The gross direct premium earned by general insurance companies from the motor vehicle industry in the own damage category is likely to reach Rs 38,200 crore mark by the end of 2016-17 from a level of about Rs 17,000 crore as of 2012-13 thereby clocking a compounded annual growth rate (CAGR) of about 22 per cent.
In terms of revenue it is seen that individual agents fetched a gross direct premium worth over Rs 9,200 crore while the brokers generated premium worth about Rs 4,700 crore, as per the study prepared by the Assocham Economic Research Bureau.
Motor is the largest component of general insurance market as the motor business continued to be the largest non-life insurance segment with a share of 47.05 per cent of the total premium underwritten within the country and it reported a growth rate of 22.24 per cent it added.
